Finance sector jobs will be 'back to pre-crisis levels by end of the year'

But the First Minister added that the "nature of these jobs has changed" as clearing bank jobs are replaced by those in asset and wealth management and insurance.

Salmond cited an announcement by Swiss banking software firm Avaloq, which revealed plans to open a development centre in Edinburgh by the end of the year, employing 20 people. The Zurich-based firm aims to create 500 jobs over five years.

Avaloq chief executive Francisco Fernandez said that "the quality and availability of talents provided by the Edinburgh region stood out" when choosing a location for the new centre. He said the capital was "close to Zurich in all aspects", including distance, size, culture and efficiency. He said: "Our employees develop well-founded financial competences as well as in-depth knowledge of technology."

The First Minister, speaking at Bute House yesterday, said that the financial services sector has shed 11,000 jobs between 2008-9, falling from 105,000 to 94,000.

Salmond said: "It now seems likely that - by the end of this year - financial sector employment in Scotland will recover to pre-recession levels.

"The nature of these financial services jobs has changed. There are fewer jobs in our clearing banks, but more jobs in our insurance industry, asset management industry and personal wealth industry. The strength and resilience of financial services in Scotland is impressive."

Listing the new banks that had located in Edinburgh in the past 18 months, including Virgin and Tesco, Salmond said he would "hope for some success in growing the business banking market".